Foreign Transaction Fee
 

If I use my credit card in the ports for example Grand Cayman or Cozumel. Will I get a foreign transaction fee?

It seems likely, assuming you're using a card with those fees.
If you use a card w/o those fees, probably not. ;)

Are you looking at a major purchase? Small purchases are probably best made with Pesos (though probably not in GC :p) The vendors will rip you off 10-20% in the currency exchange.

GC runs on the dollar, but I'd have to assume (to be safe) that even charges made in green backs will incur the fee. After all, the fee is about making money...

If you do intend to make charges, don't forget to register the card and bring a backup card if possible.

GC runs on the dollar, but I'd have to assume (to be safe) that even charges made in green backs will incur the fee. After all, the fee is about making money

On the dollar, but not the US dollar

If you use your credit card out of the US or USVI (and probably the territories) there will be a foreign transaction fee (unless you have a card that has no FTF). Even if the charge is made in US Dollars there will be a foreign transaction fee because the card was used outside of the US. Charging in US Dollars in foreign countries is called dynamic currency conversion and will always result in a worse exchange rate the being charge in local currency. The DCC will always be in the interest of the merchant and not the purchaser.

When we were in GC they said it was an island law that all charges were made in US Dollars. we had every merchant tell us this. There is a local currency but every merchant refused to use the CI currency for credit card transactions.

How can vendors rip you off for 10-20% in currency exchange? Always make credit card purchases in local currency.

Some ideas
 

I got a Capital One card for the sole purpose of using when in foreign countries! Hate those stupid fees:

http://www.capitalone.com/search/?qt..._04_T_CCBRWALL

Capital One is good for no foreign transaction fees. Just remember that if the merchant charges in US dollars you will get their exchange rate and not the Capital One exchnage rate. The merchant dynamic conversion fee is more than the credit card exchange rate. That is why the merchant does it.

Yes, Capital One is good for overseas use in terms of avoiding foreign exchange fees. Just call them prior to using the card overseas or else they might block the card.

You should also be able to get a cash advance from the casino and have it charged to your onboard account and it wont appear as a cash advance on your credit card. I've done this before but YMMV.

Hate thouse too! :mad:

Cap One is the way to go.

I think poster was referring to using US cash in another country, but allowing the vendor to do the exchange (e.g., where a vendor lists prices in local currency, dollars, euros, etc.).

Canada now has an Amazon card and a Mariott card with no forex charge.

A number of merchants' POS machines will try to translate charges to a foreign credit card into the home currency of that card, at a terrible rate.